Springhill, Nova Scotia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Springhill, Nova Scotia, is currently experiencing steady growth. The median house price stands at $500,000, showing a healthy year-over-year increase of 3.5%. This indicates a robust demand for housing in the area. Similarly, the median apartment price has risen to $300,000, with a slower yet consistent year-over-year growth of 2.1%. These trends suggest that the market is expanding at a sustainable pace, which can be partly attributed to the area’s population growth of 7.1%, reflecting an influx of new residents and potential homebuyers.
Investment Opportunities and Potential
The current market conditions in Springhill offer promising opportunities for real estate investors. The steady increase in property values, combined with a growing population, may present potential for both short-term gains through property flipping and long-term investment through rental properties. Given that the rise in apartment prices is slightly more moderate compared to houses, investors might find apartments to be an attractive entry point into the market due to their lower initial investment requirement and the potential for rental income amid an expanding population.
Future Market Outlook
Looking ahead, the future market outlook for Springhill appears optimistic. The continuous population growth suggests an ongoing demand for housing that could maintain or even accelerate current price trends. If the local economy remains stable or grows, supporting job creation and retention, it could further bolster housing demand and real estate values. Nonetheless, prospective investors and homebuyers should monitor local economic indicators and development plans closely as they can significantly impact real estate dynamics.
